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'Dishonest' UK investment adviser's £2m fine over British Steel pensions upheld

( January 19, 2026, 12:03 GMT | Official Statement) -- MLex Summary: A "corrupt" and "dishonest" adviser saw a UK Financial Conduct Authority fine of more than £2 million and industry ban upheld by a tribunal on Monday. Darren Reynolds gave pension transfer advice and investment recommendations to his customers, causing them "significant harm," the FCA said in reporting the ruling. Reynolds encouraged British Steel Pension Scheme members to transfer out of their defined-benefit pensions despite knowing that the advice was wholly unsuitable, the regulator added.Statement follows. Ruling is attached below....

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